FX Week Ahead: Central Bank Credibility Slips Yet Again, Fed Up Next

The stand out risk event of the week is clearly the FOMC meeting and announcement on Wednesday, and the focus will be on whether the Fed are ready to balance out the odds of another 25bp hike on the table for this year. We know they are more comfortable in moving having prepared the market first, although we are close to 50/50 again, but only just. 

BIS Finds Global Debt May Be Underreported By $14 Trillion

"Contracts worth tens of trillions of dollars stand open and trillions change hands daily. And yet one cannot find these amounts on balance sheets. This debt is, in effect, missing" the BIS finds in its latest quarterly assessment, which is a concerning as "the missing debt amounts to some $13-14 trillion."

Protesters Smash Windows, Throw Bricks At Cops In Second Night Of St. Louis Violence

For the second consecutive night, peaceful daytime protests in St. Louis descended into late-night violence with broken windows and thrown rocks, water bottles and garbage can lids damaing local businesses. A pocket of protesters threw bricks, rocks and projectiles with paint at police as officers tried to disperse the crowds.

Suddenly, "De-Dollarization" Is A Thing

"For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. These were challenges to the dollar’s dominance, but they weren’t mortal threats. What’s happening lately, however, is a lot more serious. "